EDB invests in Appcelerator

EDB invests in Appcelerator

SINGAPORE - Singapore's Economic Development Board has taken the lead role in a US$12.1 million (S$15.2 million) investment to fund Appcelerator, which provides a platform for developing mobile apps for corporations.

The firm plans to use part of the funds to set up a Singapore research and development centre, as well as an Asia-Pacific data centre based here. The funding was done through EDB Investments, its venture capital arm. Other investors include Social Internet Fund, Mayfield Fund, Sierra Ventures, Translink Capital, eBay and RedHat. EDB's share was not disclosed.

This latest round of funding brings total investment in Appcelerator to more than US$63 million. Founded in 2006 and based in the Silicon Valley town of Mountain View, it will use the funds for business expansion in the United States and globally.

Appcelerator's sales grew 130 per cent year on year, it said in a statement on Wednesday.

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